Coffee With Greta: Powell Takes The Hot Seat
DJIA Futures: +13 (+0.04%) SPX Futures: +6 (+0.1%) NASDAQ Futures: +31 (+0.3%) Good morning friends! Futures are inching higher as traders await the Fed Chair’s first day of testimony on Capitol Hill. Let’s get right to it! Powell Testimony Day 1 Fed Chair Jerome Powell is set to deliver his semiannual testimony on monetary policy to Congress over the next two days. Powell will first appear in the Senate, with testimony in the Senate Banking Comittee beginning at 10:00 a.m. ET. Traders are watching this testimony for any new insight into the bank’s plans for interest rates amid the stubborn inflation pressures in the U.S. Powell will face questions from lawmakers on both sides of the aisle during this hearing. The Fed’s next meeting is March 21-22 and CME Group’s FedWatch Tool shows over 70% of traders expecting the bank to approve another 25 basis point rate hike. Meta Planning More Layoffs Meta Platforms (META) shares are rising 2.4% ahead of the open following a Bloomberg report that the company is planning more layoffs. The social media giant is reportedly set to cut thousands of more jobs this week. That’s on top of the 13% workforce reduction the company announced in November. The Bloomberg report said directors and vice president at the company have been asked to compile lists of employees deemed expendable. Rivian Drops After Bond-Selling Announcement Rivian (RIVN) shares are dropping 5.8% in premarket trade after announcing a new plan to raise capital. The electric automaker plans to sell $1.3 billion worth of bonds. Initial investors will also get an option to buy an additional $200 million of the bonds. Rivian said the capital raised from this offering will be used to help it launch its smaller R2 electric vehicle family. Dick’s Rallies On Earnings Beat Dick’s Sporting Goods (DKS) shares are up 6.1% ahead of the open after beating Q4 expectations on the top and bottom line. Here’s how the sporting goods retailer’s results compared to analysts’ estimates: Adjusted EPS: $2.93 vs $2.88 expected Revenue: $3.60 billion vs $3.45 billion expected Same-store sales jumped 5.3%, more than double analysts’ expectations for a 2.1% gain. The company said it feels confident it has fixed the supply chain and inventory issues it faced throughout 2022. The CEO said, “As planned, we continued to address targeted inventory overages, and as a result our inventory is in great shape as we start 2023.” Dick’s forecast full-year EPS between $12.90 and $13.80, beating estimates of $12. The company expects same-store sales growth for the full-year to be flat to up to 2%. In Case You Missed It U.S. factory orders fell less than expected in January. The Commerce Department reported new orders for U.S.-manufactured goods fell 1.6% at the start of 2023. That was better than expectations for a 1.8% decline but a reversal from the 1.7% increase in December. The drop was due to a plunge in orders for Boeing (BA) planes, which drove commercial aircraft orders down 55%. Most other manufacturing categories saw an increase in orders. Excluding transportation, factory orders rose 1.2%.
Continue Reading -->Why SPY $398 Matters Now
SPX futures are flattish after a big two-day move. The index did a Red Dog Reversal buy when it reclaimed 3939 and had power Friday to see 4048. I’d think we have a bit of digestion into Powell Tuesday, JOLTs numbers on Wednesday, and NFP Friday. Holding 3990-4010ish shows some commitment. SPY reclaimed $393.38 Thursday and had power to see $404.45 Friday. This morning it’s down small. Holding $402ish would be impressive to show high-level digestion. The active bulls need to hold $398ish this week to keep commitment to late last week. QQQ did a Red Dog Reversal buy as it reclaimed $290 Thursday to see $299.92 on Friday. AAPL’s upgrade by GS helps. It should be an interesting week as we see if the active bulls can keep the ball. Now let’s dig into some individual names. AAPL did a Red Dog Reversal buy Thursday. MS made it a top pick Friday. It hit a high of $151.11. This weekend GS upgraded it with a $199 target. I’d trim into strength, but it will be a focus. It will be hard for SPX to be so weak if this acts well. I’d trim and see if it builds or fades. TSLA made a low after its event at $186 and had a nice two-day move to $200.48. It might need to digest a bit. Holding $193.75 keeps it constructive. There is news they had to cut some prices again. We’ll see how it reacts. META is one of the better-acting stocks for now. Some are long vs. the $167.66 pivot. On Friday it hit $186+. I’m going to try and stay long. If the market holds in, this should see a move above the post-earnings high at $197+ in time. MSFT finally had a strong candle Thursday and then it hit a high of $255.62 Friday. It has some room to move, but it’s not special. Scott Redler’s positions disclosure as of 2023-03-06 at 7.24.55 AM
Continue Reading -->Coffee With Greta: Fed Chair, Jobs In Focus This Week
DJIA Futures: +51 (+0.2%) SPX Futures: +11 (+0.3%) NASDAQ Futures: +56 (+0.5%) Good morning friends! Futures are slightly higher as traders gear up for a new week of trade and look ahead to key economic data. Let’s get right to it! Powell, Jobs In Focus This Week The market is looking ahead to hearing from Fed Chair Jerome Powell this week and the February jobs report. Powell is set to deliver his semi-annual monetary policy report to Congress mid-week. He will testify in the Senate on Tuesday and the House on Wednesday. Those testimonies are expected to focus on the Fed’s plans for interest rates this year and the bank’s expectations for inflation in response to those moves. The Fed holds their next policy meeting in 2 weeks. The February jobs report will be out Friday morning and is expected to show growth slowed sharply to 225,000 jobs last month from 517,000 in January. Tesla Cuts Prices Again Tesla (TSLA) shares are up 0.6% ahead of the open after the electric automaker cut prices on its most expensive models in the U.S. to stoke demand. The Model S now starts at $89,990, down about 5%. The Model X got a 9% reduction and starts at $99,990. The high-end Plaid versions of both cars also got a price cut with both starting at $109,990. That’s down 4% for the Model S Plaid and 8% for the Model X Plaid. Amazon To Close 8 Go Stores Amazon (AMZN) shares are flat in premarket trade after the company announced it will close some of its cashierless Go stores to cut costs. Four of the stores in San Francisco, two in New York City, and two in Seattle will be closed effective April 1. An Amazon spokesperson said, “Like any physical retailer, we periodically assess our portfolio of stores and make optimization decisions along the way. We remain committed to the Amazon Go format, operate more than 20 Amazon Go stores across the U.S., and will continue to learn which locations and features resonate most with customers as we keep evolving our Amazon Go stores.” The company said it will work to find new positions for the impacted workers at those stores within Amazon.
Continue Reading -->Coffee With Greta: Stocks Rise As February Ends
DJIA Futures: +46 (+0.1%) SPX Futures: +4 (+0.1%) NASDAQ Futures: +2 (+0.01%) Good morning friends! Futures are up slightly as traders brace for the final trading day of February. Let’s get right to it! February Comes To A Close Today is the last day of February and the major indexes are on track to close out the month in the negative. As of Monday’s close, the Dow Jones is down 3.5% for the month and negative for the year, the S&P 500 is down 2.3% for February, and the Nasdaq is down 1%. Stocks pulled back in February after a strong rally at the end of December and into January. Traders have remained on edge about inflation and the Fed’s rate hikes this month as new data came in hotter than expected. But CME Group’s FedWatch Tool still shows over 75% of traders anticipating another 25 basis point hike at the March meeting. Some Fed officials have been pushing for a 50 basis point move after the January CPI, PPI, and PCE price index all came in hot. Target Slips On Weak Outlook Target (TGT) shares are down 0.2% ahead of the open after beating Q4 expectations but issuing weak guidance. Here’s how the retailer’s results compared to analysts’ expectations: EPS: $1.89 vs $1.40 expected Revenue: $31.4 billion vs $30.72 billion expected Target’s profits were down 43% year over year. But same-store sales rose 0.7%, topping expectations for a 1.6% decline. Inventory levels dropped 3% year over year in Q4 as Target focused on stocking more high-frequency items like food and paper towels. CEO Brian Cornell said, “We realized consumer spending habits have changed. So we took a pretty bold action and said, ‘We’re going to address inventory. We’re going to get our inventory levels right.’ We finished the year exactly where we wanted to be.” Target expects comparable sales in 2023 to rangle from a low single-digit decline to a low single-digit increase and full-year EPS between $7.75 and $8.75. That missed analysts’ expectations for earnings of $9.23 per share this year. Cornell said, “I think we’re being appropriate with our guidance in this environment. We know inflation is still high — it’s been very stubborn. It’s still at a very high level. We know interest rates are rising. And we’re going to watch the consumer really carefully.” Zoom Rallies On Earnings Beat Zoom (ZM) shares are jumping 5.1% in premarket trade after beating fiscal Q4 expectations on the top and bottom line. Here’s how the video chat company’s results compared to analysts’ expectations: Adjusted EPS: $1.22 vs $0.81 expected Revenue: $1.12 billion vs $1.10 billion expected Revenue rose just 4% year over year, a dramatic slowdown from the rapid growth seen during 2020 and 2021. Zoom expects growth to continue slowing this year. The company forecast between $4.435 billion and $4.455 billion in revenue this year, implying 1.1% growth and missing analysts’ estimates of $4.6 billion. Zoom forecast full-year adjusted EPS between $4.11 and $4.18, topping estimates of $3.66. For fiscal Q1, the company sees adjusted EPS of $0.96 to $0.98 on revenue of $1.080 billion to $1.085 billion. Coming Up: Consumer Confidence Consumer confidence is expected to have improved in February. The Conference Board releases its consumer confidence index at 10:00 a.m. ET today. That index is expected to improve to 108.5 from 107.1 in January. Traders will be monitoring the expectations index in that survey, which currently stands below 80 which often signals an impending recession. The survey also includes an update on consumers’ inflation expectations, which ticked higher in January from December. In Case You Missed It Pending home sales surged in January as mortgage rates dropped. The National Association of Realtors reported pending sales jumped 8.1% last month vs expectations for a 0.9% gain. It was the second straight monthly increase but pending sales were still down 24% year over year.
Continue Reading -->Why SPX 3995 Matters Now
SPX futures are up 18 after hitting a low of 3943 Friday. The Oscillator hit -62. I’d think any bounce gets contained into the 4028-4047 area. If it gets rejected at the 3995 pivot, I’d think Friday’s low breaks sooner rather than later. I didn’t put the BOS account to work yet. We’ll see how things look closer to 3885 . SPY started a new bearish active sequence on February 16 when it closed under $409.50. On Friday it hit $393.64 and gave a green candle. Some took it for an oversold bounce. I’d trim some. $399.75 is resistance. If we rally for a day or so, bears will need to reject the $401-$402 area to keep control QQQ’s broke $303 on 2/16 to start a downside active sequence. It hit $290.05 Friday. I did buy some late afternoon because things felt oversold enough. I did trim some at $293.50+ this morning which I always do when a gap is in my favor. I’d think any rally would get rejected into the $296-$298 area this week. Watch the leaders for clues. Now let’s look at some individual names: TSLA gave a Red Dog Reversal sell at $214.66 and worked its way down to $192.80 on Friday. It showed some relative strength to get some back long into today. I’d trim some and see how it feels. The March 1 event is almost here. How it responds will be big for sentiment. $205ish is resistance. AAPL broke its accelerated trend. On Friday it made a low of $145.72. If we get a rally attempt. $148.50-$149.80 is key resistance. NFLX gave clues that stocks can have upside after earnings In January. On 2/16 it resolved the inside range lower and made a new monthly low at $314ish. There’s some room to bounce toward $330ish. META has grinded lower since hitting $197+. Recently it hit $167.66 to trade against Maybe it can get and stay above $173.50 to act better again. Scott Redler’s positions disclosure as of 2023-02-27 at 7.26.30 AM
Continue Reading -->Coffee With Greta: New Week Bounce
DJIA Futures: +237 (+0.7%) SPX Futures: +33 (+0.8%) NASDAQ Futures: +125 (+1.1%) Good morning friends! Futures are rising as traders attempt to shake off last week. Let’s get right to it! New Week Begins Higher Stocks are rising ahead of the open as traders try to bounce back after the worst week of the year. As stocks are rising, Treasury yields are slipping. The 2-year yield is down 2 basis points to 4.78% after briefly hitting the highest level since July 2007 earlier this morning. The 10-year yield is down 4 basis points to 3.92%. Although earnings season is winding down, traders are looking ahead to results from some key retailers this week. Target (TGT), Costco (COST), Lowe’s (LOW), and Macy’s (M) are all scheduled to report in the days ahead. Durable Goods Orders Slide Durable goods orders fell more than expected in January as consumers pull back on spending on big items. Durable goods are items manufactured to last three years or more, like appliances, TVs, autos, and more. Orders slid 4.5% at the start of the year, worse than expectations for a 3.6% decline. A 13.3% drop in transportation equipment orders propelled that decline. December’s increase was revised to 5.1% from 5.6% previously. But core durable goods orders, which exclude transportation, rose 0.7%, beating expectations for a 0.1% increase. Union Pacific Rallies After CEO Steps Down Union Pacific (UNP) shares are rallying 10.2% ahead of the open after the company’s CEO announced he will step down over the weekend. On Sunday, CEO Lance Fritz said, “Union Pacific has been my home for 22 years and I am confident that now is the right time for Union Pacific’s next leader to take the helm. I look forward to working with the Board as we identify our next CEO to lead the Company into the future.” The rail operator said it expects to name his replacement this year. The decision came after hedge fund Soroban Capital Partners called for Fritz to be replaced in a letter on Saturday. In a letter, the group said, “Unlike typical shareholder engagements which come with numerous demands, Soroban has only one ask — install new leadership who can get the trains to operate safely and on time.” Soroban urged Union Pacific to consider its former COO Jim Vena for the position. Seagen Jumps On Reported Pfizer Takeover Seagen (SGEN) shares are up 13.3% in premarket trade following reports that Pfizer (PFE) is in talks to buy the company. The Wall Street Journal first reported that Pfizer is in discussions to acquire the biotech company in a deal worth more than $30 billion. The talks are reportedly still in the early stages. Seagen currently has a market value of more than $30 billion so any buyout would be at a premium to that.
Continue Reading -->Coffee With Greta: Another Hot Inflation Report
DJIA Futures: -372 (-1.1%) SPX Futures: -53 (-1.3%) NASDAQ Futures: -215 (-1.8%) Good morning friends! Futures are tumbling after the release of more hotter-than-expected inflation data. Let’s get right to it! Another Hot Inflation Reading The Fed’s preferred inflation gauge rose more than expected in January. The Bureau of Economic Analysis’ personal consumption expenditures (PCE) price index rose 0.6% monthly and 5.4% year over year. The core PCE price index, which excludes food and energy, jumped 0.6% monthly and 4.7% annually. That was hotter than economists’ expectations for the index to rise 0.5% monthly and 4.4% annually. The data showed inflation heating up at the start of the year. Consumer spending also jumped 1.8% as prices rose vs 1.4% expected. Personal income rose 1.4% vs the 1.2% estimate. And the personal saving rate increased to 4.7%. More traders are starting to believe the Fed will vote for a 50 basis point rate hike at the next meeting. CME Group’s FedWatch Tool now shows 67% expecting another 25 basis point move and 33% expecting a 50bp hike. Block Rallies On Strong Outlook Block (SQ) shares are up 5.5% ahead of the open after topping Q4 revenue expectations and issuing strong guidance. Here’s how the payments company’s results compared to analysts’ expectations: Adjusted EPS: $0.22 vs $0.30 expected Revenue: $4.65 billion vs $4.61 billion expected The company posted $1.66 billion in gross profit, up 40% year over year and better than $1.53 billion expected. Block’s Cash App business had 51 million monthly active transacting users in the quarter and generated $848 million in gross profit, up 64% year over year. For 2023, executives expect $1.3 billion in Ebitda which was in line with estimates. Block is also targeting a gross profit of 25%, up from 22% in Q4. Nikola Drops After Reporting Weak Q4 Sales Nikola (NKLA) shares are falling 2.3% in premarket trade after sharply missing Q4 sales expectations. Here’s how the electric truck maker’s results compared to analysts’ expectations: Adjusted loss per share: $0.37 vs $0.43 expected Revenue: $6.6 million vs $32.1 million expected The revenue miss came as Nikola delivered just 20 of the 133 battery-electric trucks it produced in the quarter. The company said it made a series of changes to the truck in response to early customer feedback. Nikola built 258 trucks in 2022, hitting its previous guidance of 255 to 305. In 2023, the company expects to deliver between 250 and 350 battery-electric trucks this year and 125 to 150 of its upcoming fuel-cell trucks. Nikola confirmed it is still on track to begin production of the fuel-cell version in the second half of the year. Coming Up: New Home Sales, Consumer Sentiment The Census Bureau releases its January new home sales report at 10:00 a.m. ET. That data is expected to show the pace of new sales rose to a seasonally adjusted annual rate of 620,000 units last month from 616,000 in December. The University of Michigan also releases its final February consumer sentiment index at 10:00 a.m. That index is expected to be unchanged from the preliminary reading of 66.4 earlier this month. In Case You Missed It JPMorgan Chase (JPM) CEO Jamie Dimon said Thursday that the Fed has lost control of inflation and it remains a work in progress. Dimon told CNBC Thursday, “the fact is we lost a little bit of control of inflation.” He said it may take “a while” for the Fed to get inflation down to its goal of 2% and he expects interest rates to remain higher for longer. He remained positive about the strength of the economy currently but uncertain about the future. Dimon said, “The U.S. economy right now is doing quite well. Consumers have a lot of money. They’re spending it. Jobs are plentiful. That’s today. Out in front of us, there’s some scary stuff.”
Continue Reading -->Coffee With Greta: Earnings Boost Stocks
DJIA Futures: +40 (+0.1%) SPX Futures: +15 (+0.4%) NASDAQ Futures: +104 (+0.9%) Good morning friends! Futures are higher as the market looks to rebound from a 4-day losing streak and Nvidia’s earnings beat boosts tech stocks. Let’s get right to it! Nvidia Rallies On Earnings Beat Nvidia (NVDA) shares are jumping 11% ahead of the open after beating Q4 expectations on the top and bottom line. Here’s how the chipmaker’s results compared to analysts’ expectations: Adjusted EPS: $0.88 vs $0.81 expected Revenue: $6.05 billion vs $6 billion expected Nvidia forecast $6.5 billion in Q1 revenue, topping analysts’ estimates of $6.33 billion. The company appears poised to benefit from the growing popularity of AI. Nvidia’s data center business, which includes chips used for AI, continued to grow last quarter and the CEO said, “Generative AI’s versatility and capability has triggered a sense of urgency at enterprises around the world to develop and deploy AI strategies.” Alibaba Shares Jump After Earnings Alibaba (BABA) shares are up 5.7% in premarket trade after sharply beating fiscal Q3 expectations. Here’s how the Chinese e-commerce giant’s results compared to expectations: Earnings per American depositary share: 19.26 yuan vs 16.26 yuan expected Revenue: 247.76 yuan vs 245.18 billion yuan expected The company benefited from China’s economic reopening as consumer demand rebounded. The CEO said, “Looking ahead, we expect continued recovery in consumer sentiment and economic activity.” Lucid Misses Q4 Revenue Expectations Lucid (LCID) shares are dropping 13.5% ahead of the open after missing Q4 sales expectations. Here’s how the electric automaker’s results compared to analysts’ expectations: Loss per share: $0.28 Revenue: $257.7 million vs $303 million expected The company built just 7,180 of its Air luxury sedans last year, sharply missing its original goal of 20,000. Lucid expects to manufacture between 10,000 and 14,000 this year. The company ended 2022 with roughly $4.4 billion in cash and $500 million available via credit. The CFO said that is enough to last until Q1 2024. Lucid said it has more than 28,000 reservations for its vehicles, down from 34,000 in November. Moderna Drops After Earnings Miss Moderna (MRNA) shares are falling 4.5% in premarket trade after missing Q4 profit expectations. Here’s how the pharmaceutical giant’s results compared to analysts’ estimates: Adjusted EPS: $3.61 vs $4.68 expected Revenue: $5.1 billion vs $5 billion expected Profits tumbled 68% year over year and revenue dropped 30% amid shrinking demand for the company’s Covid vaccine. Costs also rose 25% in Q4 due to expired vaccines, unused manufacturing capacity, and a royalty payment to the National Institute of Allergy and Infectious Diseases. Q4 GDP Revised Lower The U.S. economy expanded less than initially estimated at the end of 2022. The Commerce Department’s first revision of Q4 GDP was lowered to 2.7% from 2.9% initially. The revision was due to slower consumer spending which grew just 1.4% vs 2.1% initially estimated. Weekly Jobless Claims Fall Weekly jobless claims fell unexpectedly last week as the U.S. labor market remains tight. The Labor Department reported 192,000 Americans filed initial claims for unemployment benefits. That was down by 3,000 from the previous week’s revised level and better than 200,000 expected. In Case You Missed It The February 1 Fed minutes show the bank is committed to its fight against inflation and members believe “ongoing” rate hikes are still necessary. FOMC officials said inflation is still “well above” their target and the labor market remains “very tight”. Fed members did say that recent data has shown inflation beginning to cool but they need “substantially more evidence of progress” . The minutes showed a “few” members were in favor of a 50 basis-point hike at the latest meeting but ultimately voted for the quarter-point move.
Continue Reading -->Coffee With Greta: Traders Await Fed Minutes
DJIA Futures: +51 (+0.2%) SPX Futures: +7 (+0.2%) NASDAQ Futures: +33 (+0.3%) Good morning friends! Futures are higher as traders await the release of the Fed minutes. Let’s get right to it! Bullard Calls For Faster Hikes, Traders Await Fed Minutes St Louis Fed President James Bullard is calling for a more aggressive rate hike at the central bank’s next meeting. Bullard told CNBC this morning he is still pushing for a 50 basis point hike at the March 22nd meeting. He said, “It has become popular to say, ‘Let’s slow down and feel our way to where we need to be.’ We still haven’t gotten to the point where the committee put the so-called terminal rate. Get to that level and then feel your way around and see what you need to do. You’ll know when you’re there when the next move could be up or down.” The comments come ahead of the release of the Fed’s February 1 meeting minutes at 2:00 p.m. ET today. That readout will give traders more insight into the discussion around rates at the most recent meeting. Bullard warned the Fed risks the reacceleration of inflation if it does not act aggressively enough now. CME Group’s FedWatch Tool shows 76% of traders expecting another 25 basis point hike at the next meeting and 24% anticipating a 50 basis point move. Intel Slashes Dividend Intel (INTC) shares are falling 0.8% ahead of the open after cutting its dividend this morning. The chipmaker slashed that dividend by nearly 66% to 12.5 cents from 36.5 cents. The new dividend will be payable on June 1. Intel also reiterated its Q1 outlook for a profit loss but did not issue a full-year outlook. Coinbase Slips On Disappointing Outlook Coinbase (COIN) shares are slipping 0.5% in premarket trade after beating Q4 expectations but issuing weak guidance. Here’s how the crypto platform’s results compared to analysts’ expectations: Loss per share: $2.46 vs $2.55 expected Revenue: $629 million vs $590 million expected Revenue plunged nearly 75% year over year as the crypto market collapsed. Coinbase also continued to lose users during the quarter, reporting 8.3 million monthly transacting users down from 8.5 million in Q3. Transaction revenue dropped 12% from Q3 to $322 million vs $327 million expected. Coinbase expects subscription and services revenue of $300 million to $325 million in Q1 and restructuring costs of $150 million. Target Spends Big On E-commerce Hubs Target (TGT) shares are up 0.8% ahead of the open after announcing plans to build more supply chain hubs for online orders. The retailer will spend $100 million to build at least 15 of what it is calling sortation centers by the end of January 2026. Target has already opened nine of the hubs with the goal of speeding up and lowering the cost of delivering online orders. In Case You Missed It Existing home sales fell unexpectedly in January. The National Association of Realtors reported existing sales fell 0.7% last month to a seasonally adjusted annual rate of 4 million units vs 4.2 million expected. January marked the 12th straight monthly decline in existing sales, which is the longest streak since NAR began tracking sales in 1999. It was the slowest pace of sales since October 2010.
Continue Reading -->3 AI Stocks to Watch
We have mostly red arrows around the world as traders focus on inflation and geopolitical stresses. President Biden did a surprise visit to the Ukraine and Putin gave a delusional speech this morning. SPX futures are -32. Last week, the index broke the 4103 upper area to have us reduce risk. I bought SPY puts and shorted SPY calls which helps me this morning. We’ll see if the active bears have any power. Friday’s low is 4047. Some think we see the 3949 area in the week ahead. For that to happen, we need to see a move below 4047, then 4015. But let’s take things day-by-day. Let’s dig into some individual names, starting with 3 AI stocks: AI is still all the rage. It’s rebuilding. Maybe today it goes red to green for an opportunity. It needs to hold $22.65 now. MSFT strength was sold above the $270 area. For today, see how it handles the $254-$255 area. GOOGL got beat up fast post on the AI event. Last Tuesday it put in a bottom tail at $92.26. Some went long vs. that for a bounce. It hit $97+. See if the $92-$93 area holds today. TSLA gave a way to exit swing longs last Thursday around the $214.66 pivot. On Friday it was very resilient and went green with some power as $201.84 was reclaimed. We’ll see how it acts today. Maybe it goes red to green. We’ll see if we get a 5-15-30 minute low to trade against. AAPL got m3 out with a reversal around the $155 area. It might have broken the accelerated trend. See how it handles Friday’s low of $150.85. Does it hold that? $149 is a spot below. Watch it for market sentiment. Scott Redler’s positions disclosure as of 2023-02-21 at 7.19.34 AM
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